CHAPEL HILL - The country's oldest public university celebrated its birthday by installing its first female leader.

Carol Folt was installed as the 11th Chancellor of the University of North Carolina at Chapel Hill on Saturday. The ceremony occurred on University Day to commemorate the 1793 placing of the cornerstone of Old East, the nation's first state university building. UNC has installed new chancellors on University Day dating back to 1957. Folt is the former interim president at Dartmouth College, and is replacing Holden Thorp. Thorp had been the lead Tar Heel since 2008, but resigned amid a string of scandals including academic fraud, improper travel spending by fundraisers, and allegations of athletes receiving preferential treatment.